Section 524.2-1101 — Short Title.
524.2-1101 SHORT TITLE. Sections 524.2-1101 to 524.2-1116 may be cited as the “Uniform Disclaimer of Property Interests Act.” History: 2009 c 67 s 1
Section 524.2-1102 — Definitions.
524.2-1102 DEFINITIONS. As used in sections 524.2-1101 to 524.2-1116: (1) “benefactor” means the creator of the interest that is subject to a disclaimer; (2) “beneficiary designation” means an instrument, other than an instrument creating or amending a trust, naming the beneficiary of: (i) an annuity or insurance policy; (ii) an account with a designation for […]
Section 524.2-1103 — Scope.
524.2-1103 SCOPE. Sections 524.2-1101 to 524.2-1116 are the exclusive means by which a disclaimer may be made under Minnesota law regardless of whether it is qualified under section 2518 of the Internal Revenue Code of 1986 as defined in section 291.005, subdivision 1, clause (3). History: 2009 c 67 s 3; 2012 c 143 art […]
Section 524.2-1104 — Tax-qualified Disclaimer.
524.2-1104 TAX-QUALIFIED DISCLAIMER. Notwithstanding any other provision of this chapter, other than section 524.2-1106, if, as a result of a disclaimer or transfer, the disclaimed or transferred interest is treated pursuant to the provisions of section 2518 of the Internal Revenue Code of 1986, as defined in section 291.005, subdivision 1, clause (3), as never […]
Section 524.2-1105 — When Disclaimer Is Permitted.
524.2-1105 WHEN DISCLAIMER IS PERMITTED. A disclaimer may be made at any time unless it is barred under section 524.2-1106. History: 2009 c 67 s 5
Section 524.2-1106 — When Disclaimer Is Barred Or Limited.
524.2-1106 WHEN DISCLAIMER IS BARRED OR LIMITED. (a) A disclaimer is barred by a written waiver of the right to disclaim. (b) A disclaimer of an interest in property is barred if any of the following events occur before the disclaimer becomes effective: (1) the disclaimant accepts the portion of the interest sought to be […]
Section 524.2-1107 — Power To Disclaim; General Requirements; When Irrevocable.
524.2-1107 POWER TO DISCLAIM; GENERAL REQUIREMENTS; WHEN IRREVOCABLE. (a) A person may disclaim, in whole or in part, any interest in or power over property, including a power of appointment. A person may disclaim the interest or power even if its creator imposed a spendthrift provision or similar restriction on transfer or a restriction or […]
Section 524.2-1108 — Disclaimer Of Interest In Property.
524.2-1108 DISCLAIMER OF INTEREST IN PROPERTY. (a) Except for a disclaimer governed by section 524.2-1109 or 524.2-1110, the rules in paragraphs (b) to (d) apply to a disclaimer of an interest in property. (b) The disclaimer takes effect as of the time the instrument creating the interest becomes irrevocable, or, if the interest arose under […]
Section 524.2-1109 — Disclaimer Of Rights Of Survivorship In Jointly Held Property.
524.2-1109 DISCLAIMER OF RIGHTS OF SURVIVORSHIP IN JOINTLY HELD PROPERTY. (a) Upon the death of a holder of jointly held property: (1) if, during the deceased holder’s lifetime, the deceased holder could have unilaterally regained a portion of the property attributable to the deceased holder’s contributions without the consent of any other holder, another holder […]
Section 524.2-1110 — Disclaimer Of Interest By Trustee.
524.2-1110 DISCLAIMER OF INTEREST BY TRUSTEE. If a trustee having the power to disclaim under the instrument creating the fiduciary relationship or pursuant to court order disclaims an interest in property that otherwise would have become trust property, the interest does not become trust property. History: 2009 c 67 s 10
Section 524.2-1111 — Disclaimer Of Power Of Appointment Or Other Power Not Held In A Fiduciary Capacity.
524.2-1111 DISCLAIMER OF POWER OF APPOINTMENT OR OTHER POWER NOT HELD IN A FIDUCIARY CAPACITY. If a holder disclaims a power of appointment or other power not held in a fiduciary capacity, the following rules apply: (1) if the holder has not exercised the power, the disclaimer takes effect as of the time the instrument […]
Section 524.2-1112 — Disclaimer By Appointee, Object, Or Taker In Default Of Exercise Of Power Of Appointment.
524.2-1112 DISCLAIMER BY APPOINTEE, OBJECT, OR TAKER IN DEFAULT OF EXERCISE OF POWER OF APPOINTMENT. (a) A disclaimer of an interest in property by an appointee of a power of appointment takes effect as of the time the instrument by which the holder exercises the power becomes irrevocable. (b) A disclaimer of an interest in […]
Section 524.2-1113 — Disclaimer Of Power Held In Fiduciary Capacity.
524.2-1113 DISCLAIMER OF POWER HELD IN FIDUCIARY CAPACITY. (a) If a fiduciary disclaims a power held in a fiduciary capacity which has not been exercised, the disclaimer takes effect as of the time the instrument creating the power becomes irrevocable. (b) If a fiduciary disclaims a power held in a fiduciary capacity which has been […]
Section 524.2-1114 — Delivery Or Filing.
524.2-1114 DELIVERY OR FILING. (a) Subject to paragraphs (b) to (l), delivery of a disclaimer may be effective by personal delivery, first-class mail, or any other method that results in its receipt. A disclaimer sent by first-class mail is deemed to have been delivered on the date it is postmarked. Delivery by any other method […]
Section 524.2-1115 — Recording Of Disclaimer Relating To Real Estate.
524.2-1115 RECORDING OF DISCLAIMER RELATING TO REAL ESTATE. (a) A disclaimer of an interest in or relating to real estate does not provide constructive notice to all persons unless the disclaimer contains a legal description of the real estate to which the disclaimer relates and unless the disclaimer is recorded in the office of the […]
Section 524.2-1116 — Application To Existing Relationships.
524.2-1116 APPLICATION TO EXISTING RELATIONSHIPS. Sections 524.2-1101 to 524.2-1116 apply to disclaimers of any interest in or power over property existing on January 1, 2010, whenever created. History: 2009 c 67 s 16; 2012 c 143 art 4 s 7